WEST SPRINGFIELD, Mass. (WWLP) – Local home foreclosures are at an all-time low, and the housing market in the area is healthy.
The warm weather months signal the buying and selling season for real estate. Brokers are busy at this time of year.
22News went to Kelley and Katzer Real Estate in West Springfield for an update on the local market. They told us that foreclosures have hit a low, however, if you are buying a home on foreclosure, it’s buyer beware. They often sell for below market value and can be flipped for instant equity, but their history can be hidden, and they can stay vacant for years.
“I’ve seen a lot of banks focus on how they can save a buyer to keep their home, rather than be quick to get them out and foreclose. There are a lot of new forgiveness programs out there. Banks are working with homeowners, and I think a lot of new buyers coming into the market are a little more educated and more cautious,” broker Joseph Kelley said.
Kelley went on to say that it is a great time to buy, because interest rates are still hovering around 4 percent for a 30-year fixed mortgage. However, it is really a seller’s market, being driven by low inventory and high demand.
He said that many sellers are getting multiple offers.